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Rigid PCB Book-to-Bill Remains Low in February, Flex Moves Up
March 27, 2009 |Estimated reading time: 2 minutes
BANNOCKBURN, IL IPC Association Connecting Electronics Industries released the February findings from its monthly North American Printed Circuit Board (PCB) Statistical Program, offering a 0.90 book-to-bill ratio. Rigid PCB sales remain well below 2008 levels, but the more volatile flex circuit sales were down only 4.2% year-to-date. "The book-to-bill ratio for PCBs overall has stayed in negative territory for 10 months, and orders are still declining compared to last year," said IPC president Denny McGuirk, adding that weak sales are likely to continue for the next few months, and the flex circuit segment was faring better than rigid PCBs.
Rigid PCB shipments are down 23.2% and bookings are down 35.5% in February 2009 from February 2008. Year to date, rigid PCB shipments are down 21.1% and bookings are down 33.2%. Compared to the previous month, rigid PCB shipments decreased 3.2% and rigid bookings decreased 3.5%. Rigid PCBs represent an estimated 90% of the current PCB industry in North America, according to IPC's World PCB Production and Laminate Market Report. The book-to-bill ratio for the North American rigid PCB industry in February 2009 remained below parity at 0.89.
Flexible circuit shipments in February 2009 are up 3.6%, and bookings are down 6.1% compared to February 2008. Year to date, flexible circuit shipments are up 9.4% and bookings are down 4.2%. Compared to the previous month, flexible circuit shipments are up 8.7% and flex bookings were up 23.9%. In February, the flexible circuit manufacturers in IPC's survey sample indicated that bare circuits accounted for approximately 78% of their shipment value reported for the month. The North American flexible circuit book-to-bill ratio in February 2009 climbed just above parity at 1.02.
For rigid PCBs and flexible circuits combined, industry shipments in February 2009 decreased 21.4% from February 2008 and orders booked decreased 33.7% from February 2008. Year to date, combined industry shipments are down 19.2% and bookings are down 31.6%. Compared to the previous month, combined industry shipments for February 2009 are down 2.3% and bookings are down 1.6%. The combined (rigid and flex) industry book-to-bill ratio in February 2009 was 0.90.
The book-to-bill ratios are calculated by dividing the value of orders booked over the past three months by the value of sales billed during the same period from companies in IPC's survey sample. A ratio of more than 1.00 suggests that current demand is ahead of supply, which is a positive indicator for sales growth over the next two to three months. IPC's monthly survey of the North American PCB industry tracks bookings and shipments from U.S. and Canadian facilities, which provide indicators of regional demand. These numbers do not measure U.S. and Canadian PCB production. In February 2009, 89% of total PCB shipments reported were domestically produced. Domestic production accounted for 89% of rigid PCB and 88% of flexible circuit shipments in February by IPC survey participants. These numbers are significantly affected by the mix of companies in IPC's survey sample, which may change slightly in January, but are kept constant through the calendar year.
For more information, visit www.ipc.org.